Circle Internet Group, the leading global financial technology company and issuer of the USDC stablecoin, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The approval, which allows Circle to operate as a money services provider, demonstrates its commitment to fostering compliant innovation within the digital finance landscape.

In a statement announcing its securing of the IPA, Circle said approval marks a crucial step towards securing a full Financial Services Permission (FSP) under ADGM’s progressive regulatory framework. This development follows Circle’s incorporation in ADGM in December 2024 and builds upon its growing presence within the United Arab Emirates (UAE).

Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, emphasized the UAE’s proactive stance in building the future of finance.

“The UAE is paving the way for responsible innovators to build the internet financial system. This IPA from ADGM advances our strategy to establish deep roots in markets embracing the onchain economy, creating new pathways for investment and innovation in the region,” Allaire said.

Securing the IPA underscores Circle’s regulatory-first approach to its global strategy, which has seen the stablecoin issuer sometimes sacrifice increasing its market share. This commitment stems from a belief that long-term trust and mainstream adoption of stablecoins hinge on robust compliance and transparency.

Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed Circle’s contribution to their ecosystem. Ramamurthy said:

We are excited about Circle’s contribution to ADGM’s dynamic ecosystem leveraging their regulatory-first approach, commitment to innovation, and global credibility in the stablecoin space. Their presence aligns with ADGM’s position as a hub for innovation, offering a robust regulatory environment for the growth of next-generation financial services.

Dante Disparte, Chief Strategy Officer & Head of Global Policy and Operations at Circle, highlighted how this milestone proves that “regulatory clarity and innovation can, and must, coexist.” Unlike some players in the digital asset industry who have distaste for regulation, Disparte asserts that getting approval “reinforces our belief that regulation is not a constraint on innovation, but its most powerful catalyst.”

Meanwhile, Circle also announced a strategic collaboration with Hub71, Abu Dhabi’s global tech ecosystem. The partnership will focus on strengthening innovation within the digital assets space as well as exploring initiatives around ADGM’s digital regulatory sandbox. Circle will also join Hub71’s Digital Assets specialist ecosystem, contributing its global expertise to a community of over 500 tech startups and venture capital partners.Ahmad Ali Alwan, CEO of Hub71, emphasized the strategic importance of this collaboration.

“Our collaboration with Circle underscores our commitment to positioning Abu Dhabi as a global hub for FinTech and digital assets. Circle’s expertise will enrich our digital assets ecosystem, providing Hub71 founders with greater access to resources, mentorship, and growth opportunities,” Alwan stated.

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